The TraCRs relate to Apple Inc. shares and give holders exposure to the financial performance of those shares.
The new product has been launched by Chi-X and Deutsche Bank and will give Australian investors access to the world’s first trillion-dollar company.
Chi-X chief executive Vic Jokovic said the TraCRs will trade locally during Australian trading hours and on an Australian exchange.
“TraCRs provide, for the first time, Australian investors with access to leading global companies with the protection of trading on a local market,” he said.
Mr Jokovic said that being a TraCR holder gave investors a beneficial interest in the underlying US share which was valuable to global investment.
“TraCRs bring the global investment world to our own backyard,” he said.
Further series of TraCRs based on other US companies will launch in Australia soon and will be exclusively traded on Chi-X and issued by Deutsche Access Investment Limited.
Deutsche Bank Australia and New Zealand’s head of depositary receipts Chris Bagley said the bank was pleased to launch TraCRs in Australia.
“TraCRs are classified as a domestic equity market product and are subject to Australian regulation. Settlement will occur through CHESS and all distributions will be paid in Australian Dollars. We believe TraCRs present a convenient and cost-effective way for local investors looking to gain access to US-listed shares,” said Mr Bagley.
